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As Of Filer Filing For·On·As Docs:Size 7/28/22 Cognizant Tech Solutions Corp. 10-Q 6/30/22 74:11M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.48M 2: EX-10.1 Material Contract HTML 143K 3: EX-10.2 Material Contract HTML 178K 4: EX-10.3 Material Contract HTML 138K 5: EX-31.1 Certification -- §302 - SOA'02 HTML 26K 6: EX-31.2 Certification -- §302 - SOA'02 HTML 26K 7: EX-32.1 Certification -- §906 - SOA'02 HTML 24K 8: EX-32.2 Certification -- §906 - SOA'02 HTML 24K 14: R1 Cover HTML 74K 15: R2 Consolidated Statements Of Financial Position HTML 138K (Unaudited) 16: R3 Consolidated Statements Of Financial Position HTML 37K (Unaudited) (Parenthetical) 17: R4 Consolidated Statements Of Operations (Unaudited) HTML 102K 18: R5 Consolidated Statements Of Comprehensive Income HTML 48K (Unaudited) 19: R6 Consolidated Statements of Stockholders' Equity HTML 94K (Unaudited) 20: R7 Condensed Consolidated Statements Of Cash Flows HTML 107K (Unaudited) 21: R8 Consolidated Statements of Stockholders' Equity HTML 24K (Unaudited) (Parenthetical) 22: R9 Interim Consolidated Financial Statements HTML 25K 23: R10 Revenues HTML 220K 24: R11 Investments HTML 55K 25: R12 Accrued Expenses And Other Current Liabilities HTML 31K 26: R13 Debt HTML 38K 27: R14 Income Taxes HTML 34K 28: R15 Derivative Financial Instruments HTML 97K 29: R16 Fair Value Measurements HTML 97K 30: R17 Accumulated Other Comprehensive Income (Loss) HTML 115K 31: R18 Commitments and Contingencies HTML 41K 32: R19 Segment Information HTML 62K 33: R20 Subsequent Events HTML 24K 34: R21 Revenues (Tables) HTML 216K 35: R22 Investments (Tables) HTML 50K 36: R23 Accrued Expenses And Other Current Liabilities HTML 31K (Tables) 37: R24 Debt (Tables) HTML 33K 38: R25 Income Taxes Income Taxes (Tables) HTML 29K 39: R26 Derivative Financial Instruments (Tables) HTML 98K 40: R27 Fair Value Measurements (Tables) HTML 95K 41: R28 Accumulated Other Comprehensive Income (Loss) HTML 115K (Tables) 42: R29 Segment Information (Tables) HTML 54K 43: R30 Revenues - Capitalized Costs to Fulfill Contract HTML 30K with Customer (Details) 44: R31 Revenues - Significant Movements in Contract HTML 30K Assets (Details) 45: R32 Revenues - Significant Movements in Deferred HTML 30K Revenue Balances (Details) 46: R33 Revenues - Remaining Performance Obligations HTML 31K Narrative (Details) 47: R34 Revenues - Disaggregation of Revenue (Details) HTML 112K 48: R35 Revenues - Trade Accounts And Allowance for HTML 29K Doubtful Accounts (Details) 49: R36 Investments (Details) HTML 54K 50: R37 Investments (Schedule of Held-to-Maturity HTML 44K Securities) (Details) 51: R38 Investments - Narrative (Details) HTML 44K 52: R39 Accrued Expenses And Other Current Liabilities HTML 34K (Details) 53: R40 Debt (Additional Disclosures) (Details) HTML 49K 54: R41 Debt (Short-term Debt) (Details) HTML 30K 55: R42 Debt (Long-term Debt) (Details) HTML 35K 56: R43 Income Taxes - Tax Rates (Details) HTML 24K 57: R44 Income Taxes (Narrative) (One-time Transaction) HTML 54K (Details) 58: R45 Derivative Financial Instruments (Location And HTML 49K Fair Values Of Derivative Financial Instruments In Our Consolidated Statement Of Financial Position) (Details) 59: R46 Derivative Financial Instruments (Narrative) HTML 23K (Details) 60: R47 Derivative Financial Instruments (Notional Value HTML 36K Of Outstanding Cash Flow Hedge Contracts By Year Of Maturity And Net Unrealized (Loss) Gain Included In Accumulated Other Comprehensive Income) (Details) 61: R48 Derivative Financial Instruments (Location And HTML 38K Amounts Of Pre-Tax Gains (Losses) On Cash Flow Hedge Derivatives Financial Instruments) (Details) 62: R49 Derivative Financial Instruments (Other HTML 28K Derivatives) (Details) 63: R50 Derivative Financial Instruments (Location And HTML 28K Amounts Of Pre-Tax Gains (Losses) On Derivative Financial Instruments Not Designated As Hedges) (Details) 64: R51 Fair Value Measurements (Financial Assets And HTML 142K (Liabilities) Measured At Fair Value On A Recurring Basis) (Details) 65: R52 Accumulated Other Comprehensive Income (Loss) HTML 90K Accumulated Other Comprehensive Income (Loss) (Details) 66: R53 Commitments and Contingencies (Details) HTML 34K 67: R54 Segment Information (Revenues From External HTML 41K Customers And Segment Operating Profit) (Details) 68: R55 Segment Information (Long-Lived Assets By HTML 31K Geographic Area) (Details) 69: R56 Subsequent Events (Details) HTML 26K 72: XML IDEA XML File -- Filing Summary XML 139K 70: XML XBRL Instance -- ctsh-20220630_htm XML 2.96M 71: EXCEL IDEA Workbook of Financial Reports XLSX 122K 10: EX-101.CAL XBRL Calculations -- ctsh-20220630_cal XML 157K 11: EX-101.DEF XBRL Definitions -- ctsh-20220630_def XML 562K 12: EX-101.LAB XBRL Labels -- ctsh-20220630_lab XML 1.29M 13: EX-101.PRE XBRL Presentations -- ctsh-20220630_pre XML 840K 9: EX-101.SCH XBRL Schema -- ctsh-20220630 XSD 124K 73: JSON XBRL Instance as JSON Data -- MetaLinks 354± 536K 74: ZIP XBRL Zipped Folder -- 0001058290-22-000241-xbrl Zip 1.25M
ctsh-20220630 |
i ☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||
For the quarterly period ended | i June 30, 2022 | |||||||
i ☐ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||
For the transition period from to |
i Delaware | i 13-3728359 | ||||||||||
(State
or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Class A Common Stock, $0.01 par value per share | i CTSH | i The Nasdaq Stock Market LLC |
i Large Accelerated Filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
Class | Number of Shares | |||||||
Class A Common Stock, par value $0.01 per share | i 517,784,927 |
Page | ||||||||
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Defined Term | Definition | |||||||
10b5-1 Plan | Trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act | |||||||
Adjusted Diluted EPS | Adjusted Diluted Earnings Per Share | |||||||
ASC | Accounting Standards Codification | |||||||
ASR | Accelerated Stock Repurchase | |||||||
CC | Constant Currency | |||||||
CITA | Commissioner of Income Tax (Appeals) | |||||||
CMT | Communications, Media and Technology | |||||||
COVID-19 | The novel coronavirus disease | |||||||
Credit Agreement | Credit agreement with a commercial bank syndicate, as amended | |||||||
CTS India | Our principal operating subsidiary in India | |||||||
DOJ | United States Department of Justice | |||||||
DSO | Days Sales Outstanding | |||||||
EPS | Earnings Per Share | |||||||
ESG | Environmental, Social and Governance | |||||||
EU | European Union | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
High Court | Madras High Court | |||||||
India Defined Contribution Obligation | Certain statutory defined contribution obligations of employees and employers in India | |||||||
IoT | Internet of Things | |||||||
ITD | Indian Income Tax Department | |||||||
SCI | Supreme Court of India | |||||||
SEC | United States Securities and Exchange Commission | |||||||
Second Circuit | United States Court of Appeals for the Second Circuit | |||||||
SG&A | Selling, general and administrative | |||||||
Syntel | Syntel Sterling Best Shores Mauritius Ltd. | |||||||
Tax Reform Act | Tax Cuts and Jobs Act | |||||||
Term Loan | Unsecured term loan under the Credit Agreement | |||||||
TriZetto | The TriZetto
Group, Inc., now known as Cognizant Technology Software Group, Inc. | |||||||
USDC-NJ | United States District Court for the District of New Jersey | |||||||
USDC-SDNY | United States District Court for the Southern District of New York |
(in millions, except par values) | June 30, 2022 | December 31, 2021 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 1,768 | $ | i 1,792 | |||||||
Short-term investments | i 552 | i 927 | |||||||||
Trade accounts receivable, net | i 3,785 | i 3,557 | |||||||||
Other current assets | i 918 | i 1,066 | |||||||||
Total current assets | i 7,023 | i 7,342 | |||||||||
Property and equipment, net | i 1,121 | i 1,171 | |||||||||
Operating lease assets, net | i 907 | i 933 | |||||||||
Goodwill | i 5,517 | i 5,620 | |||||||||
Intangible assets, net | i 1,101 | i 1,218 | |||||||||
Deferred income tax assets, net | i 473 | i 404 | |||||||||
Long-term investments | i 443 | i 463 | |||||||||
Other noncurrent assets | i 673 | i 701 | |||||||||
Total assets | $ | i 17,258 | $ | i 17,852 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | i 357 | $ | i 361 | |||||||
Deferred revenue | i 408 | i 403 | |||||||||
Short-term debt | i 38 | i 38 | |||||||||
Operating lease liabilities | i 178 | i 195 | |||||||||
Accrued expenses and other current liabilities | i 2,172 | i 2,532 | |||||||||
Total current liabilities | i 3,153 | i 3,529 | |||||||||
Deferred revenue, noncurrent | i 24 | i 40 | |||||||||
Operating lease liabilities, noncurrent | i 747 | i 783 | |||||||||
Deferred income tax liabilities, net | i 207 | i 218 | |||||||||
Long-term debt | i 608 | i 626 | |||||||||
Long-term income taxes payable | i 283 | i 378 | |||||||||
Other noncurrent liabilities | i 286 | i 287 | |||||||||
Total liabilities | i 5,308 | i 5,861 | |||||||||
i | i | ||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ i i 0.10 /
par value, i i 15 / shares authorized, i i none /
issued | i — | i — | |||||||||
Class A
common stock, $ i i 0.01 / par value, i i 1,000 /
shares authorized, i i 518 / and i i 525 /
shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | i 5 | i 5 | |||||||||
Additional paid-in capital | i 21 | i 27 | |||||||||
Retained earnings | i 12,193 | i 11,922 | |||||||||
Accumulated other comprehensive income (loss) | ( i 269) | i 37 | |||||||||
Total stockholders’ equity | i 11,950 | i 11,991 | |||||||||
Total liabilities and stockholders’ equity | $ | i 17,258 | $ | i 17,852 |
(in
millions, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | i 4,906 | $ | i 4,585 | $ | i 9,732 | $ | i 8,986 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization expense shown separately below) | i 3,119 | i 2,863 | i 6,216 | i 5,627 | |||||||||||||||||||
Selling, general and administrative expenses | i 883 | i 881 | i 1,745 | i 1,708 | |||||||||||||||||||
Depreciation and amortization expense | i 144 | i 145 | i 287 | i 286 | |||||||||||||||||||
Income from operations | i 760 | i 696 | i 1,484 | i 1,365 | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | i 9 | i 7 | i 15 | i 16 | |||||||||||||||||||
Interest expense | ( i 3) | ( i 2) | ( i 5) | ( i 4) | |||||||||||||||||||
Foreign currency exchange gains (losses), net | ( i 4) | ( i 7) | ( i 4) | ( i 16) | |||||||||||||||||||
Other, net | ( i 1) | i — | i — | ( i 2) | |||||||||||||||||||
Total other income (expense), net | i 1 | ( i 2) | i 6 | ( i 6) | |||||||||||||||||||
Income before provision for income taxes | i 761 | i 694 | i 1,490 | i 1,359 | |||||||||||||||||||
Provision for income taxes | ( i 184) | ( i 184) | ( i 354) | ( i 344) | |||||||||||||||||||
Income (loss) from equity method investments | i — | i 2 | i 4 | i 2 | |||||||||||||||||||
Net income | $ | i 577 | $ | i 512 | $ | i 1,140 | $ | i 1,017 | |||||||||||||||
Basic earnings per share | $ | i 1.11 | $ | i 0.97 | $ | i 2.18 | $ | i 1.93 | |||||||||||||||
Diluted earnings per share | $ | i 1.11 | $ | i 0.97 | $ | i 2.18 | $ | i 1.92 | |||||||||||||||
Weighted average number of common shares outstanding - Basic | i 520 | i 527 | i 522 | i 528 | |||||||||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans | i 1 | i 1 | i 1 | i 1 | |||||||||||||||||||
Weighted average number of common shares outstanding - Diluted | i 521 | i 528 | i 523 | i 529 |
(in
millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | i 577 | $ | i 512 | $ | i 1,140 | $ | i 1,017 | |||||||||||||||
Change in Accumulated other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( i 193) | i 14 | ( i 230) | ( i 11) | |||||||||||||||||||
Unrealized gains and losses on cash flow hedges | ( i 57) | ( i 13) | ( i 76) | ( i 17) | |||||||||||||||||||
Other comprehensive income (loss) | ( i 250) | i 1 | ( i 306) | ( i 28) | |||||||||||||||||||
Comprehensive income | $ | i 327 | $ | i 513 | $ | i 834 | $ | i 989 |
(in
millions) | Class A Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | i 525 | $ | i 5 | $ | i 27 | $ | i 11,922 | $ | i 37 | $ | i 11,991 | |||||||||||||||||||||||||||
Net income | — | — | — | i 563 | — | i 563 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( i 56) | ( i 56) | ||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans | i 1 | — | i 31 | — | — | i 31 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | i 56 | — | — | i 56 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 5) | — | ( i 83) | ( i 387) | — | ( i 470) | ||||||||||||||||||||||||||||||||
Dividends
declared, $ i 0.27 per share | — | — | — | ( i 142) | — | ( i 142) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | i 521 | i 5 | i 31 | i 11,956 | ( i 19) | i 11,973 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | i 577 | — | i 577 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( i 250) | ( i 250) | ||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans | i 1 | — | i 21 | — | — | i 21 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | i 89 | — | — | i 89 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 4) | — | ( i 120) | ( i 198) | — | ( i 318) | ||||||||||||||||||||||||||||||||
Dividends
declared, $ i 0.27 per share | — | — | — | ( i 142) | — | ( i 142) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | i 518 | $ | i 5 | $ | i 21 | $ | i 12,193 | $ | ( i 269) | $ | i 11,950 | |||||||||||||||||||||||||||
(in
millions) | Class A Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | i 530 | $ | i 5 | $ | i 32 | $ | i 10,689 | $ | i 110 | $ | i 10,836 | |||||||||||||||||||||||||||
Net income | — | — | — | i 505 | — | i 505 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( i 29) | ( i 29) | ||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans | i 1 | — | i 43 | — | — | i 43 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | i 62 | — | — | i 62 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 3) | — | ( i 93) | ( i 159) | — | ( i 252) | ||||||||||||||||||||||||||||||||
Dividends
declared, $ i 0.24 per share | — | — | — | ( i 128) | — | ( i 128) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | i 528 | i 5 | i 44 | i 10,907 | i 81 | i 11,037 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | i 512 | — | i 512 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | i 1 | i 1 | ||||||||||||||||||||||||||||||||
Common
stock issued, stock-based compensation plans | i 1 | — | i 32 | — | — | i 32 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | i 67 | — | — | i 67 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 4) | — | ( i 111) | ( i 205) | — | ( i 316) | ||||||||||||||||||||||||||||||||
Dividends
declared, $ i 0.24 per share | — | — | — | ( i 128) | — | ( i 128) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | i 525 | $ | i 5 | $ | i 32 | $ | i 11,086 | $ | i 82 | $ | i 11,205 | |||||||||||||||||||||||||||
(in millions) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | i 1,140 | $ | i 1,017 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 287 | i 286 | |||||||||
Deferred income taxes | ( i 74) | i 119 | |||||||||
Stock-based compensation expense | i 145 | i 129 | |||||||||
Other | i 51 | ( i 2) | |||||||||
Changes in assets and liabilities: | |||||||||||
Trade accounts receivable | ( i 251) | ( i 279) | |||||||||
Other current and noncurrent assets | i 131 | i 60 | |||||||||
Accounts payable | ( i 9) | i 17 | |||||||||
Deferred revenues, current and noncurrent | ( i 8) | ( i 34) | |||||||||
Other current and noncurrent liabilities | ( i 578) | ( i 591) | |||||||||
Net cash provided by operating activities | i 834 | i 722 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( i 163) | ( i 163) | |||||||||
Purchases of available-for-sale investment securities | ( i 513) | ( i 105) | |||||||||
Proceeds from maturity or sale of available-for-sale investment securities | i 375 | i — | |||||||||
Purchases of held-to-maturity investment securities | ( i 32) | ( i 89) | |||||||||
Proceeds from maturity of held-to-maturity investment securities | i 30 | i 76 | |||||||||
Purchases of other investments | ( i 256) | ( i 642) | |||||||||
Proceeds from maturity or sale of other investments | i 769 | i 322 | |||||||||
Proceeds from sales of businesses | i 19 | i — | |||||||||
Payments for business combinations, net of cash acquired | i — | ( i 658) | |||||||||
Net cash provided by (used in) investing activities | i 229 | ( i 1,259) | |||||||||
Cash flows from financing activities: | |||||||||||
Issuance of common stock under stock-based compensation plans | i 52 | i 75 | |||||||||
Repurchases of common stock | ( i 792) | ( i 560) | |||||||||
Repayment of Term Loan borrowings and finance lease and earnout obligations | ( i 26) | ( i 28) | |||||||||
Dividends paid | ( i 284) | ( i 255) | |||||||||
Net cash (used in) financing activities | ( i 1,050) | ( i 768) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 37) | ( i 7) | |||||||||
(Decrease) in cash and cash equivalents | ( i 24) | ( i 1,312) | |||||||||
Cash and cash equivalents, beginning of year | i 1,792 | i 2,680 | |||||||||
Cash and cash equivalents, end of period | $ | i 1,768 | $ | i 1,368 |
Note 1 — Interim Consolidated Financial Statements |
Note 2 — Revenues and Trade Accounts Receivable |
Three
Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | FS | HS | P&R | CMT | Total | FS | HS | P&R | CMT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | i 1,104 | $ | i 1,210 | $ | i 770 | $ | i 572 | $ | i 3,656 | $ | i 2,184 | $ | i 2,405 | $ | i 1,531 | $ | i 1,105 | $ | i 7,225 | ||||||||||||||||||||||||||||||||||||||||||
United Kingdom | i 147 | i 44 | i 134 | i 133 | i 458 | i 298 | i 88 | i 266 | i 259 | i 911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | i 143 | i 126 | i 143 | i 33 | i 445 | i 300 | i 246 | i 288 | i 70 | i 904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | i 290 | i 170 | i 277 | i 166 | i 903 | i 598 | i 334 | i 554 | i 329 | i 1,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | i 148 | i 28 | i 93 | i 78 | i 347 | i 288 | i 61 | i 185 | i 158 | i 692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,542 | $ | i 1,408 | $ | i 1,140 | $ | i 816 | $ | i 4,906 | $ | i 3,070 | $ | i 2,800 | $ | i 2,270 | $ | i 1,592 | $ | i 9,732 | ||||||||||||||||||||||||||||||||||||||||||
Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting and technology services | $ | i 1,078 | $ | i 805 | $ | i 753 | $ | i 465 | $ | i 3,101 | $ | i 2,135 | $ | i 1,609 | $ | i 1,507 | $ | i 913 | $ | i 6,164 | ||||||||||||||||||||||||||||||||||||||||||
Outsourcing services | i 464 | i 603 | i 387 | i 351 | i 1,805 | i 935 | i 1,191 | i 763 | i 679 | i 3,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,542 | $ | i 1,408 | $ | i 1,140 | $ | i 816 | $ | i 4,906 | $ | i 3,070 | $ | i 2,800 | $ | i 2,270 | $ | i 1,592 | $ | i 9,732 | ||||||||||||||||||||||||||||||||||||||||||
Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time and materials | $ | i 894 | $ | i 505 | $ | i 471 | $ | i 471 | $ | i 2,341 | $ | i 1,784 | $ | i 999 | $ | i 938 | $ | i 919 | $ | i 4,640 | ||||||||||||||||||||||||||||||||||||||||||
Fixed-price | i 578 | i 617 | i 581 | i 309 | i 2,085 | i 1,135 | i 1,235 | i 1,153 | i 601 | i 4,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction or volume-based | i 70 | i 286 | i 88 | i 36 | i 480 | i 151 | i 566 | i 179 | i 72 | i 968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,542 | $ | i 1,408 | $ | i 1,140 | $ | i 816 | $ | i 4,906 | $ | i 3,070 | $ | i 2,800 | $ | i 2,270 | $ | i 1,592 | $ | i 9,732 |
Three
Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | FS | HS | P&R | CMT | Total | FS | HS | P&R | CMT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | i 1,049 | $ | i 1,131 | $ | i 723 | $ | i 469 | $ | i 3,372 | $ | i 2,062 | $ | i 2,232 | $ | i 1,441 | $ | i 920 | $ | i 6,655 | ||||||||||||||||||||||||||||||||||||||||||
United Kingdom | i 130 | i 45 | i 116 | i 112 | i 403 | i 255 | i 85 | i 222 | i 211 | i 773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | i 186 | i 120 | i 132 | i 44 | i 482 | i 378 | i 238 | i 235 | i 87 | i 938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | i 316 | i 165 | i 248 | i 156 | i 885 | i 633 | i 323 | i 457 | i 298 | i 1,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | i 137 | i 29 | i 84 | i 78 | i 328 | i 265 | i 58 | i 155 | i 142 | i 620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,502 | $ | i 1,325 | $ | i 1,055 | $ | i 703 | $ | i 4,585 | $ | i 2,960 | $ | i 2,613 | $ | i 2,053 | $ | i 1,360 | $ | i 8,986 | ||||||||||||||||||||||||||||||||||||||||||
Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting and technology services | $ | i 1,012 | $ | i 769 | $ | i 668 | $ | i 422 | $ | i 2,871 | $ | i 1,979 | $ | i 1,514 | $ | i 1,284 | $ | i 818 | $ | i 5,595 | ||||||||||||||||||||||||||||||||||||||||||
Outsourcing services | i 490 | i 556 | i 387 | i 281 | i 1,714 | i 981 | i 1,099 | i 769 | i 542 | i 3,391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,502 | $ | i 1,325 | $ | i 1,055 | $ | i 703 | $ | i 4,585 | $ | i 2,960 | $ | i 2,613 | $ | i 2,053 | $ | i 1,360 | $ | i 8,986 | ||||||||||||||||||||||||||||||||||||||||||
Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time and materials | $ | i 908 | $ | i 514 | $ | i 446 | $ | i 422 | $ | i 2,290 | $ | i 1,807 | $ | i 1,033 | $ | i 864 | $ | i 819 | $ | i 4,523 | ||||||||||||||||||||||||||||||||||||||||||
Fixed-price | i 500 | i 529 | i 506 | i 249 | i 1,784 | i 971 | i 1,028 | i 987 | i 479 | i 3,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction or volume-based | i 94 | i 282 | i 103 | i 32 | i 511 | i 182 | i 552 | i 202 | i 62 | i 998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,502 | $ | i 1,325 | $ | i 1,055 | $ | i 703 | $ | i 4,585 | $ | i 2,960 | $ | i 2,613 | $ | i 2,053 | $ | i 1,360 | $ | i 8,986 | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | i 394 | $ | i 467 | ||||||||||
Costs capitalized | i 19 | i 25 | ||||||||||||
Amortization expense | ( i 55) | ( i 58) | ||||||||||||
Impairment charge | i — | ( i 9) | ||||||||||||
Ending balance | $ | i 358 | $ | i 425 |
(in millions) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | i 310 | $ | i 315 | ||||||||||
Revenues recognized during the period but not billed | i 318 | i 266 | ||||||||||||
Amounts reclassified to trade accounts receivable | ( i 243) | ( i 229) | ||||||||||||
Effect of foreign currency exchange movements | ( i 7) | i — | ||||||||||||
Ending balance | $ | i 378 | $ | i 352 |
(in millions) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | i 443 | $ | i 419 | ||||||||||
Amounts billed but not recognized as revenues | i 385 | i 327 | ||||||||||||
Revenues recognized related to the beginning balance of deferred revenue | ( i 388) | ( i 357) | ||||||||||||
Effect of foreign currency exchange movements | ( i 8) | i — | ||||||||||||
Ending balance | $ | i 432 | $ | i 389 |
(in millions) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | i 50 | $ | i 57 | ||||||||||
Credit loss expense (income) | i — | i 1 | ||||||||||||
Write-offs charged against the allowance | ( i 7) | ( i 9) | ||||||||||||
Ending balance | $ | i 43 | $ | i 49 |
Note 3 — Investments |
(in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Short-term investments: | |||||||||||
Equity investment security | $ | i 26 | $ | i 26 | |||||||
Available-for-sale investment securities | i 448 | i 310 | |||||||||
Held-to-maturity investment securities | i 38 | i 37 | |||||||||
Time deposits | i 40 | i 554 | |||||||||
Total short-term investments | $ | i 552 | $ | i 927 |
Long-term investments: | |||||||||||
Other investments | $ | i 68 | $ | i 66 | |||||||
Restricted
time deposits(1) | i 375 | i 397 | |||||||||
Total long-term investments | $ | i 443 | $ | i 463 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||
Short-term investments, maturing within one year: | |||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | i 19 | $ | i 19 | $ | i 17 | $ | i 17 | |||||||||||||||||||||||||||
Commercial paper | i 19 | i 19 | i 20 | i 20 | |||||||||||||||||||||||||||||||
Total held-to-maturity investments | $ | i 38 | $ | i 38 | $ | i 37 | $ | i 37 |
Note 4 — Accrued Expenses and Other Current Liabilities |
(in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Compensation and benefits | $ | i 1,277 | $ | i 1,601 | |||||||
Customer volume and other incentives | i 279 | i 242 | |||||||||
Income taxes | i 126 | i 74 | |||||||||
Professional fees | i 175 | i 220 | |||||||||
Other | i 315 | i 395 | |||||||||
Total accrued expenses and other current liabilities | $ | i 2,172 | $ | i 2,532 |
Note 5 — Debt |
(in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Term Loan | $ | i 647 | $ | i 666 | |||||||
Less: | |||||||||||
Current maturities | ( i 38) | ( i 38) | |||||||||
Deferred financing costs | ( i 1) | ( i 2) | |||||||||
Long-term debt, net of current maturities | $ | i 608 | $ | i 626 |
Note 6 — Income Taxes |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Effective income tax rate | i 24.2 | % | i 26.5 | % | i 23.8 | % | i 25.3 | % |
Note 7 — Derivative Financial Instruments |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||
Designation of Derivatives | Location on Statement of Financial Position | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments | Other current assets | $ | i 6 | $ | — | $ | i 51 | $ | — | |||||||||||||||||||||||
Other noncurrent assets | i — | — | i 15 | — | ||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | — | i 21 | — | i — | ||||||||||||||||||||||||||||
Other noncurrent liabilities | — | i 10 | — | i — | ||||||||||||||||||||||||||||
Total | i 6 | i 31 | i 66 | i — | ||||||||||||||||||||||||||||
Foreign exchange forward contracts – Not designated as hedging instruments | Other current assets | i 3 | — | i 3 | — | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | — | i — | — | i 7 | ||||||||||||||||||||||||||||
Total | i 3 | i — | i 3 | i 7 | ||||||||||||||||||||||||||||
Total | $ | i 9 | $ | i 31 | $ | i 69 | $ | i 7 |
(in millions) | June 30, 2022 | December 31, 2021 | |||||||||
2022 | $ | i 1,038 | $ | i 1,643 | |||||||
2023 | i 1,380 | i 880 | |||||||||
2024 | i 395 | i — | |||||||||
Total
notional value of contracts outstanding (1) | $ | i 2,813 | $ | i 2,523 | |||||||
(in millions) | Change in Derivative Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion) | Location of Net Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | Net Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments | $ | ( i 66) | $ | ( i 3) | Cost of revenues | $ | i 5 | $ | i 12 | ||||||||||||||||||||
SG&A
expenses | i 1 | i 2 | |||||||||||||||||||||||||||
Total | $ | i 6 | $ | i 14 |
(in millions) | Change in Derivative Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion) | Location of Net Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | Net Gains Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments | $ | ( i 76) | $ | i 14 | Cost of revenues | $ | i 17 | $ | i 30 | ||||||||||||||||||||
SG&A
expenses | i 2 | i 5 | |||||||||||||||||||||||||||
Total | $ | i 19 | $ | i 35 |
(in millions) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||
Contracts outstanding | $ | i 1,072 | $ | i 3 | $ | i 847 | $ | ( i 4) |
Location of Net Gains on Derivative Instruments | Amount of Net Gains on Derivative Instruments | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Foreign exchange forward contracts – Not designated as hedging instruments | Foreign currency exchange gains (losses), net | $ | i 32 | $ | i 3 | $ | i 45 | $ | i 6 |
Note 8 — Fair Value Measurements |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | i 360 | $ | — | $ | — | $ | i 360 | |||||||||||||||
Time deposits | — | i 229 | — | i 229 | |||||||||||||||||||
Commercial paper | — | i 205 | — | i 205 | |||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits | i — | i 40 | i — | i 40 | |||||||||||||||||||
Equity investment security | i 26 | i — | i — | i 26 | |||||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||||||
Certificates of deposit and commercial paper | i — | i 448 | i — | i 448 | |||||||||||||||||||
Other current assets: | |||||||||||||||||||||||
Foreign exchange forward contracts | i — | i 9 | i — | i 9 | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Restricted time deposits(1) | — | i 375 | — | i 375 | |||||||||||||||||||
Accrued
expenses and other current liabilities: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | i — | ( i 21) | i — | ( i 21) | |||||||||||||||||||
Contingent
consideration liabilities | i — | i — | ( i 21) | ( i 21) | |||||||||||||||||||
Other
noncurrent liabilities: | |||||||||||||||||||||||
Foreign exchange forward contracts | i — | ( i 10) | i — | ( i 10) | |||||||||||||||||||
Contingent consideration liabilities | i — | i — | ( i 16) | ( i 16) |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | i 507 | $ | — | $ | — | $ | i 507 | |||||||||||||||
Time deposits | — | i 4 | — | i 4 | |||||||||||||||||||
Commercial paper | — | i 266 | — | i 266 | |||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits | i — | i 554 | i — | i 554 | |||||||||||||||||||
Equity investment security | i 26 | i — | i — | i 26 | |||||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||||||
Commercial paper | i — | i 310 | i — | i 310 | |||||||||||||||||||
Other current assets: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | i — | i 54 | i — | i 54 | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Restricted time deposits(1) | — | i 397 | — | i 397 | |||||||||||||||||||
Other noncurrent assets: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | i — | i 15 | i — | i 15 | |||||||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | i — | ( i 7) | i — | ( i 7) | |||||||||||||||||||
Contingent consideration liabilities | i — | i — | ( i 14) | ( i 14) | |||||||||||||||||||
Other noncurrent liabilities: | |||||||||||||||||||||||
Contingent consideration liabilities | i — | i — | ( i 21) | ( i 21) |
(in millions) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | i 35 | $ | i 54 | ||||||||||
Initial measurement recognized at acquisition | i 1 | i 8 | ||||||||||||
Change in fair value recognized in SG&A expenses | i 5 | ( i 19) | ||||||||||||
Payments | ( i 4) | ( i 3) | ||||||||||||
Ending balance | $ | i 37 | $ | i 40 |
Note 9 — Accumulated Other Comprehensive Income (Loss) |
Three Months | Six Months | |||||||||||||||||||||||||||||||||||||
(in millions) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | ( i 60) | $ | i 3 | $ | ( i 57) | $ | ( i 22) | $ | i 2 | $ | ( i 20) | ||||||||||||||||||||||||||
Change in foreign currency translation adjustments | ( i 197) | i 4 | ( i 193) | ( i 235) | i 5 | ( i 230) | ||||||||||||||||||||||||||||||||
Ending balance | $ | ( i 257) | $ | i 7 | $ | ( i 250) | $ | ( i 257) | $ | i 7 | $ | ( i 250) | ||||||||||||||||||||||||||
Unrealized gains and losses on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | i 48 | $ | ( i 10) | $ | i 38 | $ | i 71 | $ | ( i 14) | $ | i 57 | ||||||||||||||||||||||||||
Unrealized (losses) arising during the period | ( i 66) | i 14 | ( i 52) | ( i 76) | i 16 | ( i 60) | ||||||||||||||||||||||||||||||||
Reclassifications of net (gains) to: | ||||||||||||||||||||||||||||||||||||||
Cost of revenues | ( i 5) | i 1 | ( i 4) | ( i 17) | i 3 | ( i 14) | ||||||||||||||||||||||||||||||||
SG&A expenses | ( i 1) | i — | ( i 1) | ( i 2) | i — | ( i 2) | ||||||||||||||||||||||||||||||||
Net change | ( i 72) | i 15 | ( i 57) | ( i 95) | i 19 | ( i 76) | ||||||||||||||||||||||||||||||||
Ending balance | $ | ( i 24) | $ | i 5 | $ | ( i 19) | $ | ( i 24) | $ | i 5 | $ | ( i 19) | ||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | ( i 12) | $ | ( i 7) | $ | ( i 19) | $ | i 49 | $ | ( i 12) | $ | i 37 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | ( i 269) | i 19 | ( i 250) | ( i 330) | i 24 | ( i 306) | ||||||||||||||||||||||||||||||||
Ending balance | $ | ( i 281) | $ | i 12 | $ | ( i 269) | $ | ( i 281) | $ | i 12 | $ | ( i 269) |
Three Months | Six Months | |||||||||||||||||||||||||||||||||||||
(in millions) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | i 29 | $ | i 1 | $ | i 30 | $ | i 56 | $ | ( i 1) | $ | i 55 | ||||||||||||||||||||||||||
Change in foreign currency translation adjustments | i 15 | ( i 1) | i 14 | ( i 12) | i 1 | ( i 11) | ||||||||||||||||||||||||||||||||
Ending balance | $ | i 44 | $ | i — | $ | i 44 | $ | i 44 | $ | i — | $ | i 44 | ||||||||||||||||||||||||||
Unrealized gains on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | i 63 | $ | ( i 12) | $ | i 51 | $ | i 67 | $ | ( i 12) | $ | i 55 | ||||||||||||||||||||||||||
Unrealized (losses) gains arising during the period | ( i 3) | i — | ( i 3) | i 14 | ( i 3) | i 11 | ||||||||||||||||||||||||||||||||
Reclassifications of net (gains) to: | ||||||||||||||||||||||||||||||||||||||
Cost of revenues | ( i 12) | i 3 | ( i 9) | ( i 30) | i 6 | ( i 24) | ||||||||||||||||||||||||||||||||
SG&A expenses | ( i 2) | i 1 | ( i 1) | ( i 5) | i 1 | ( i 4) | ||||||||||||||||||||||||||||||||
Net change | ( i 17) | i 4 | ( i 13) | ( i 21) | i 4 | ( i 17) | ||||||||||||||||||||||||||||||||
Ending balance | $ | i 46 | $ | ( i 8) | $ | i 38 | $ | i 46 | $ | ( i 8) | $ | i 38 | ||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | i 92 | $ | ( i 11) | $ | i 81 | $ | i 123 | $ | ( i 13) | $ | i 110 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | ( i 2) | i 3 | i 1 | ( i 33) | i 5 | ( i 28) | ||||||||||||||||||||||||||||||||
Ending balance | $ | i 90 | $ | ( i 8) | $ | i 82 | $ | i 90 | $ | ( i 8) | $ | i 82 |
Note 10— Commitments and Contingencies |
Note 11 — Segment Information |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Financial Services | $ | i 454 | $ | i 430 | $ | i 875 | $ | i 828 | |||||||||||||||
Health Sciences | i 388 | i 382 | i 756 | i 787 | |||||||||||||||||||
Products and Resources | i 359 | i 323 | i 691 | i 625 | |||||||||||||||||||
Communications, Media and Technology | i 271 | i 231 | i 516 | i 443 | |||||||||||||||||||
Total segment operating profit | i 1,472 | i 1,366 | i 2,838 | i 2,683 | |||||||||||||||||||
Less: unallocated costs | i 712 | i 670 | i 1,354 | i 1,318 | |||||||||||||||||||
Income from operations | $ | i 760 | $ | i 696 | $ | i 1,484 | $ | i 1,365 |
As of | |||||||||||
(in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Long-lived Assets: (1) | |||||||||||
North America(2) | $ | i 366 | $ | i 377 | |||||||
Europe | i 65 | i 75 | |||||||||
Rest
of World (3) | i 690 | i 719 | |||||||||
Total | $ | i 1,121 | $ | i 1,171 |
Note 12 — Subsequent Events |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Executive Summary |
Revenue |
Income from Operations |
Operating Margin |
Diluted EPS |
GAAP | Adjusted1 |
Revenue
up $321 million or 7.0% from Q2 2021; 9.5% in constant currency1 | Income from Operations up $64 million or 9.2% from Q2 2021 | Operating margin up 30 bps from Q2 2021 | GAAP | Adjusted1 | ||||||||||||||||||||||||||||||||||
Diluted
EPS up $0.14 or 14.4% from Q2 2021 | Diluted EPS up $0.15 or 15.2% from Q2 2021 | |||||||||||||||||||||||||||||||||||||
Results of Operations |
% of | % of | Increase | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | 2022 | Revenues | 2021 | Revenues | $ | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 4,906 | 100.0 | $ | 4,585 | 100.0 | $ | 321 | 7.0 | ||||||||||||||||||||||||||||||||||||||
Cost
of revenues(a) | 3,119 | 63.6 | 2,863 | 62.4 | 256 | 8.9 | |||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses(a) | 883 | 18.0 | 881 | 19.2 | 2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 144 | 2.9 | 145 | 3.2 | (1) | (0.7) | |||||||||||||||||||||||||||||||||||||||||
Income from operations | 760 | 15.5 | 696 | 15.2 | 64 | 9.2 | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 1 | (2) | 3 | * | |||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 761 | 15.5 | 694 | 15.1 | 67 | 9.7 | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (184) | (184) | — | — | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | — | 2 | (2) | (100.0) | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 577 | 11.8 | $ | 512 | 11.2 | $ | 65 | 12.7 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.11 | $ | 0.97 | $ | 0.14 | 14.4 | ||||||||||||||||||||||||||||||||||||||||
Other
Financial Information2 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS | $ | 1.14 | $ | 0.99 | $ | 0.15 | 15.2 |
Revenues - Overall |
Revenues - Reportable Business Segments |
Financial Services | Health Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase / (Decrease) | Increase / (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Revenues | $ | % | CC
3 | Revenues | $ | % | CC %3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,104 | 55 | 5.2 | 5.5 | $ | 1,210 | 79 | 7.0 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 147 | 17 | 13.1 | 22.3 | 44 | (1) | (2.2) | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 143 | (43) | (23.1) | (15.1) | 126 | 6 | 5.0 | 14.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 290 | (26) | (8.2) | 0.3 | 170 | 5 | 3.0 | 12.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 148 | 11 | 8.0 | 13.5 | 28 | (1) | (3.4) | 4.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,542 | 40 | 2.7 | 5.1 | $ | 1,408 | 83 | 6.3 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Products and Resources | Communications, Media and Technology | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase / (Decrease) | Increase / (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Revenues | $ | % | CC
%3 | Revenues | $ | % | CC %3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 770 | 47 | 6.5 | 6.8 | $ | 572 | 103 | 22.0 | 22.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 134 | 18 | 15.5 | 28.0 | 133 | 21 | 18.8 | 31.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 143 | 11 | 8.3 | 21.7 | 33 | (11) | (25.0) | (14.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 277 | 29 | 11.7 | 24.6 | 166 | 10 | 6.4 | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 93 | 9 | 10.7 | 14.5 | 78 | — | — | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,140 | 85 | 8.1 | 11.6 | $ | 816 | 113 | 16.1 | 19.5 |
Financial
Services - revenues increased 2.7%, or 5.1% on a constant currency basis3 |
Banking | é | $8M | |||||||||
Insurance | é | $32M | |||||||||
Health Sciences - revenues increased 6.3%, or 7.6% on a constant currency basis3 |
é | $83M | ||||||||||
Products and Resources - revenues increased 8.1%, or 11.6% on a constant currency basis4 |
Manufacturing, Logistics, Energy and Utilities | é | $40M | |||||||||||||||
Retail and Consumer Goods | é | $30M | |||||||||||||||
Travel and Hospitality | é | $15M | |||||||||||||||
Communications, Media and Technology - revenues increased 16.1%, or 19.5% on a constant currency basis4 |
é | $113M | ||||||||||||||||
Revenues
- Geographic Markets |
Q2
2022 as compared to Q2 2021 | Increase | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | $ | % | CC %4 | ||||||||||||||||||||||||||||||||
North America | $ | 284 | 8.4 | 8.6 | |||||||||||||||||||||||||||||||
United Kingdom | 55 | 13.6 | 24.7 | ||||||||||||||||||||||||||||||||
Continental Europe | (37) | (7.7) | 2.5 | ||||||||||||||||||||||||||||||||
Europe - Total | 18 | 2.0 | 12.6 | ||||||||||||||||||||||||||||||||
Rest of World | 19 | 5.8 | 11.2 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 321 | 7.0 | 9.5 |
Cost of Revenues (Exclusive of Depreciation and Amortization Expense) |
é | $256M | |||||||||||||
é | 1.2%
as a % of revenues | |||||||||||||
¡ | % of Revenues | |||||||||||||
SG&A Expenses (Exclusive of Depreciation and Amortization Expense) |
é | $2M | |||||||||||||
ê | 1.2%
as a % of revenues | |||||||||||||
¡ | % of Revenues | |||||||||||||
Depreciation and Amortization Expense |
Operating
Margin - Overall |
é | $64M | |||||||||||||
é | 0.3% as a % of revenues | |||||||||||||
¡ | % of Revenues | |||||||||||||
¡
Annualized attrition | |||||||||||
Segment Operating Profit |
(Dollars in millions) | 2022 | % of Revenues | 2021 | % of Revenues | Increase / (Decrease) | ||||||||||||||||||||||||
Total segment operating profit | $ | 1,472 | 30.0 | $ | 1,366 | 29.8 | $ | 106 | |||||||||||||||||||||
Less: unallocated costs | 712 | 670 | 42 | ||||||||||||||||||||||||||
Income from operations | $ | 760 | 15.5 | $ | 696 | 15.2 | $ | 64 |
Other
Income (Expense), Net |
(in millions) | 2022 | 2021 | Increase/ Decrease | ||||||||||||||||||||
Foreign currency exchange (losses) | $ | (36) | $ | (10) | $ | (26) | |||||||||||||||||
Gains on foreign exchange forward contracts not designated as hedging instruments | 32 | 3 | 29 | ||||||||||||||||||||
Foreign currency exchange gains (losses), net | (4) | (7) | 3 | ||||||||||||||||||||
Interest income | 9 | 7 | 2 | ||||||||||||||||||||
Interest expense | (3) | (2) | (1) | ||||||||||||||||||||
Other, net | (1) | — | (1) | ||||||||||||||||||||
Total other income (expense), net | $ | 1 | $ | (2) | $ | 3 |
Provision for
Income Taxes |
¡ Effective Income Tax Rate ê 2.3% | ||||||||||||||
Net Income |
é | $65M | |||||||||||||
¡
é 0.6% of Revenues | ||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
GAAP diluted EPS | $ | 1.11 | $ | 0.97 | |||||||||||||||||||
Non-operating foreign currency exchange (gains) losses, pre-tax (1) | 0.01 | 0.01 | |||||||||||||||||||||
Tax
effect of non-operating foreign currency exchange (gains) losses (2) | 0.02 | 0.01 | |||||||||||||||||||||
Adjusted Diluted EPS | $ | 1.14 | $ | 0.99 | |||||||||||||||||||
Three Months Ended June 30, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Non-GAAP income tax (expense) related to: | |||||||||||
Foreign currency exchange gains and losses | $ | (14) | $ | (6) |
% of | % of | Increase / Decrease | |||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | 2022 | Revenues | 2021 | Revenues | $ | % | |||||||||||||||||||||||||||||||||||
Revenues | $ | 9,732 | 100.0 | $ | 8,986 | 100.0 | $ | 746 | 8.3 | ||||||||||||||||||||||||||||||||
Cost
of revenues(a) | 6,216 | 63.9 | 5,627 | 62.6 | 589 | 10.5 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses(a) | 1,745 | 17.9 | 1,708 | 19.0 | 37 | 2.2 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 287 | 2.9 | 286 | 3.2 | 1 | 0.3 | |||||||||||||||||||||||||||||||||||
Income from operations | 1,484 | 15.2 | 1,365 | 15.2 | 119 | 8.7 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 6 | (6) | 12 | * | |||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 1,490 | 15.3 | 1,359 | 15.1 | 131 | 9.6 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | (354) | (344) | (10) | 2.9 | |||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | 4 | 2 | 2 | 100.0 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 1,140 | 11.7 | $ | 1,017 | 11.3 | $ | 123 | 12.1 | ||||||||||||||||||||||||||||||||
Diluted EPS | $ | 2.18 | $ | 1.92 | $ | 0.26 | 13.5 | ||||||||||||||||||||||||||||||||||
Other
Financial Information5 | |||||||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS | $ | 2.23 | $ | 1.96 | $ | 0.27 | 13.8 |
Revenues - Overall |
Financial Services | Health Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase / (Decrease) | Increase / (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Revenues | $ | % | CC
%6 | Revenues | $ | % | CC %6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 2,184 | 122 | 5.9 | 6.0 | $ | 2,405 | 173 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 298 | 43 | 16.9 | 22.9 | 88 | 3 | 3.5 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 300 | (78) | (20.6) | (14.2) | 246 | 8 | 3.4 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 598 | (35) | (5.5) | 0.7 | 334 | 11 | 3.4 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 288 | 23 | 8.7 | 13.4 | 61 | 3 | 5.2 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,070 | 110 | 3.7 | 5.5 | $ | 2,800 | 187 | 7.2 | 8.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Products and Resources | Communications, Media and Technology | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase / (Decrease) | Increase / (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Revenues | $ | % | CC
%6 | Revenues | $ | % | CC %6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,531 | 90 | 6.2 | 6.4 | $ | 1,105 | 185 | 20.1 | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 266 | 44 | 19.8 | 28.1 | 259 | 48 | 22.7 | 32.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 288 | 53 | 22.6 | 34.2 | 70 | (17) | (19.5) | (10.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 554 | 97 | 21.2 | 31.2 | 329 | 31 | 10.4 | 19.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 185 | 30 | 19.4 | 22.8 | 158 | 16 | 11.3 | 16.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,270 | 217 | 10.6 | 13.2 | $ | 1,592 | 232 | 17.1 | 19.7 |
Financial
Services - revenues increased 3.7%, or 5.5% on a constant currency basis6 |
Banking | é | $27M | |||||||||
Insurance | é | $83M | |||||||||
Health Sciences - revenues increased 7.2%, or 8.2% on a constant currency basis6 |
é | $187M | ||||||||||
Products and Resources - revenues increased 10.6%, or 13.2% on a constant currency basis7 |
Manufacturing, Logistics, Energy and Utilities | é | $113M | ||||||||||||
Retail and Consumer Goods | é | $72M | ||||||||||||
Travel and Hospitality | é | $32M | ||||||||||||
Communications, Media and Technology - revenues increased 17.1%, or 19.7% on a constant currency basis7 |
é | $232M | ||||||||||||||||
Revenues
- Geographic Markets |
YTD
2022 as compared to YTD 2021 | Increase / (Decrease) | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | $ | % | CC %7 | ||||||||||||||||||||||||||||||||
North America | $ | 570 | 8.6 | 8.7 | |||||||||||||||||||||||||||||||
United Kingdom | 138 | 17.9 | 25.5 | ||||||||||||||||||||||||||||||||
Continental Europe | (34) | (3.6) | 4.6 | ||||||||||||||||||||||||||||||||
Europe - Total | 104 | 6.1 | 14.0 | ||||||||||||||||||||||||||||||||
Rest of World | 72 | 11.6 | 16.3 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 746 | 8.3 | 10.2 |
Cost of Revenues (Exclusive of Depreciation and Amortization Expense) |
é | $589M | |||||||||||||
é | 1.3%
as a % of revenues | |||||||||||||
¡ | % of Revenues | |||||||||||||
SG&A Expenses (Exclusive of Depreciation and Amortization Expense) |
é | $37M | |||||||||||||
ê | 1.1% as a % of revenues | |||||||||||||
¡ | % of Revenues | |||||||||||||
Depreciation and Amortization Expense |
Operating
Margin - Overall |
é | $119 million | |||||||||||||
Flat as a % of revenue | ||||||||||||||
¡ | % of Revenues | |||||||||||||
Segment Operating Profit |
(Dollars in millions) | 2022 | % of Revenues | 2021 | % of Revenues | Increase / (Decrease) | ||||||||||||||||||||||||
Total segment operating profit | $ | 2,838 | 29.2 | $ | 2,683 | 29.9 | $ | 155 | |||||||||||||||||||||
Less: unallocated costs | 1,354 | 1,318 | 36 | ||||||||||||||||||||||||||
Income from operations | $ | 1,484 | 15.2 | $ | 1,365 | 15.2 | $ | 119 |
Other
Income (Expense), Net |
(in millions) | 2022 | 2021 | Increase/ Decrease | ||||||||||||||||||||
Foreign currency exchange (losses) | $ | (49) | $ | (22) | $ | (27) | |||||||||||||||||
Gains on foreign exchange forward contracts not designated as hedging instruments | 45 | 6 | 39 | ||||||||||||||||||||
Foreign currency exchange gains (losses), net | (4) | (16) | 12 | ||||||||||||||||||||
Interest income | 15 | 16 | (1) | ||||||||||||||||||||
Interest expense | (5) | (4) | (1) | ||||||||||||||||||||
Other, net | — | (2) | 2 | ||||||||||||||||||||
Total other income (expense), net | $ | 6 | $ | (6) | $ | 12 |
Provision for Income Taxes |
é | $10M | |||||||||||||
¡
Effective Income Tax Rate ê 1.5% | ||||||||||||||
Net Income |
é | $123M | ||||||||||||||||
¡
é 0.4% of Revenues | |||||||||||||||||
(Dollars in millions, except per share amounts) | 2022 | 2021 | |||||||||||||||||||||
GAAP diluted EPS | $ | 2.18 | $ | 1.92 | |||||||||||||||||||
Non-operating foreign currency exchange (gains) losses, pre-tax (1) | 0.01 | 0.03 | |||||||||||||||||||||
Tax
effect of non-operating foreign currency exchange (gains) losses (2) | 0.04 | 0.01 | |||||||||||||||||||||
Adjusted Diluted EPS | $ | 2.23 | $ | 1.96 | |||||||||||||||||||
(in millions) | Six
Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Non-GAAP income tax benefit (expense) related to: | |||||||||||
Foreign
currency exchange gains and losses | (20) | (6) |
Liquidity and Capital Resources |
(in millions) | 2022 | 2021 | Increase / Decrease | |||||||||||||||||||||||
Net cash provided by (used in): | ||||||||||||||||||||||||||
Operating activities | $ | 834 | $ | 722 | $ | 112 | ||||||||||||||||||||
Investing activities | 229 | (1,259) | 1,488 | |||||||||||||||||||||||
Financing activities | (1,050) | (768) | (282) | |||||||||||||||||||||||
Acquisitions | |||||
Share Repurchases | |||||
Dividend payments | |||||
Commitments and Contingencies |
Critical Accounting Estimates |
Recently Adopted and New Accounting Pronouncements |
Forward Looking Statements |
Item 3. Quantitative and Qualitative Disclosures about Market Risk. |
Item 4. Controls and Procedures. |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs (in millions) | ||||||||||||||||||||||
April 1, 2022 - April 30, 2022 | — | $ | — | — | $ | 1,675 | ||||||||||||||||||||
May 1, 2022 - May 31, 2022 | 2,157,300 | 72.97 | 2,157,300 | 1,518 | ||||||||||||||||||||||
June 1, 2022 - June 30, 2022 | 2,053,758 | 69.42 | 2,053,758 | 1,375 | ||||||||||||||||||||||
Total | 4,211,058 | $ | 71.24 | 4,211,058 |
Item 6. Exhibit Index |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Number | Exhibit Description | Form | File No. | Exhibit | Date | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||
3.1 | 8-K | 000-24429 | 3.1 | 6/7/2018 | ||||||||||||||||||||||||||||||||||
3.2 | 8-K | 000-24429 | 3.1 | 9/20/2018 | ||||||||||||||||||||||||||||||||||
10.1 | Filed | |||||||||||||||||||||||||||||||||||||
10.2 | Filed | |||||||||||||||||||||||||||||||||||||
10.3 | Filed | |||||||||||||||||||||||||||||||||||||
31.1 | Filed | |||||||||||||||||||||||||||||||||||||
31.2 | Filed | |||||||||||||||||||||||||||||||||||||
32.1 | Furnished | |||||||||||||||||||||||||||||||||||||
32.2 | Furnished | |||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed |
Cognizant Technology Solutions Corporation | ||||||||||||||||||||
Date: | July 27, 2022 | By: | /s/ BRIAN HUMPHRIES | |||||||||||||||||
Brian Humphries, | ||||||||||||||||||||
Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) |
Date: | July 27, 2022 | By: | /s/
JAN SIEGMUND | |||||||||||||||||
Jan Siegmund, | ||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||
(Principal Financial Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/30/22 | ||||
8/19/22 | ||||
Filed as of: | 7/28/22 | |||
Filed on: | 7/27/22 | 8-K | ||
7/26/22 | ||||
7/22/22 | ||||
7/6/22 | 3, 4, 8-K | |||
For Period end: | 6/30/22 | 4 | ||
6/1/22 | 4 | |||
5/31/22 | ||||
5/1/22 | ||||
4/30/22 | ||||
4/1/22 | 4 | |||
3/31/22 | 10-Q, 4 | |||
2/16/22 | 10-K | |||
2/14/22 | SC 13G | |||
2/1/22 | SC 13G/A | |||
12/31/21 | 10-K | |||
12/21/21 | ||||
8/2/21 | ||||
6/30/21 | 10-Q | |||
6/3/21 | 4 | |||
6/1/21 | 4, DEF 14A | |||
5/26/21 | ||||
4/20/21 | ||||
3/31/21 | 10-Q, 3, 4 | |||
12/31/20 | 10-K, 5 | |||
10/27/20 | ||||
8/3/20 | 4 | |||
5/14/19 | ||||
3/11/19 | 4 | |||
2/28/19 | 4 | |||
10/30/18 | 10-Q, 8-K | |||
6/20/17 | ||||
5/10/17 | 4 | |||
4/26/17 | 4 | |||
4/7/17 | ||||
2/22/17 | ||||
1/24/17 | ||||
11/18/16 | ||||
11/15/16 | ||||
10/31/16 | ||||
3/23/15 | 4 | |||
1/15/15 | 4 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/14/24 Cognizant Tech Solutions Corp. 10-K 12/31/23 124:15M 5/04/23 Cognizant Tech Solutions Corp. 10-Q 3/31/23 75:8.9M 2/15/23 Cognizant Tech Solutions Corp. 10-K 12/31/22 123:16M |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/20/18 Cognizant Tech Solutions Corp. 8-K:5,9 9/14/18 3:258K 6/07/18 Cognizant Tech Solutions Corp. 8-K:5,9 6/05/18 6:504K |